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If we're right, people lose homes. People lose jobs, people lose retirement savings, people lose pensions. You know what I hate about ****ing banking? It reduces people to numbers. Here's a number - every 1% unemployment goes up, 40,000 people die, did you know that?
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If you don't want the offer, you can just hang up...that's what I thought.
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Is this America's angriest hedge fund?
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It's two simple questions: Is there a bubble? And if there is, how exposed are the banks?
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Just...don't ****ing dance.
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Lawrence, I don't know how to be sarcastic.
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Let me put it this way: I'm standing in front of a burning house, and I'm offering you fire insurance on it.
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Now their foot's on fire, they think their steak is done, and you're surprised?
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So, mortgage bonds are dog shit, and CDO's are dog shit wrapped up in cat shit?
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Tell me the difference between stupid and illegal and I'll have my wife's brother arrested.
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That's a nice haircut, did you do it yourself?
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The banks have given us 25% interest rates on credit cards. They have screwed us on student loans that we can never get out from under. Then this guy walks into my office and says those same banks got greedy, they lost track of the market, and I can profit off of their stupidity? **** yeah, I want him to be right!
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The money came raining down, and for the first time, the banker went from the country club to the strip club. Pretty soon, stocks and savings were almost inconsequential. They were doing $50, $100, $200 billion in mortgage bonds and dozens of other securities a year, and America barely noticed as its number one industry became boring old banking. And then, one day, almost 30 years later, in 2008, it all came crashing down. In the end, Lewis Ranieri's mortgage-backed security mutated into a monstrosity that collapsed the whole world economy, and none of the experts or leaders or talking heads had a clue it was coming. I'm guessing most of you still don't really know what happened. Yeah, you got a soundbite you repeat so you don't sound dumb, but come on. But, there were some who saw it coming. While the whole world was having a big old party, a few outsiders and weirdos saw what no one else could. Not me. I'm not a weirdo, I'm pretty ****ing cool, but we'll meet again later. These outsiders saw the giant lie at the heart of the economy, and they saw it by doing something the rest of the suckers never thought to do: They looked.
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The NSA has a $52 billion budget and the ability to monitor tens of millions of calls a second. You think they're not using it?
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They knew. They knew the taxpayers would bail them out. They weren't being stupid, they just didn't care.